💷 Money Clinic: ‘My mortgage deal is ending – with inflation coming down should I get a tracker or fix again?’ Nick Mendes, mortgage technical manager at John Charcol, gives his guidance ⬇️
A bonus from having a tracker and switching to a fix later is that several lenders now offer cheaper product transfer rates than new business rates and so the mortgage holders may benefit further when you decide to switch to a fix.
You can stay with the existing lender you have an application with and change to a new rate as part of the remortgage. Or you can review the options with your existing lender and do a product transfer instead if this works out to be more cost-effective option. You will want to avoid reverting onto a lender’s standard variable rate as these are the highest rate with the lender and only typically suit those that are due to sell their property or nearing the end of their mortgage, allowing them to make overpayments or clear the mortgage without any charges.
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